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VanEck Gold Miners ETF

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GDX trade ideas

Elliott Wave Expects Gold Miners ETF (GDX) to Continue RallyShort Term Elliott Wave View in Gold Miners Junior (GDX) shows that cycle from 10.4.2023 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 10.4.2023 low, wave 1 ended at 32.35 and pullback in wave 2 ended at 25.67. Wave 3 higher ended at 37.47 and dips in wave 4 ended at 32.83 like the 1 hour chart below shows. The ETF has turned higher in wave 5 with internal subdivision as another impulse in lesser degree. Up from wave 4, wave i ended at 33.35 and wave ii ended at 32.98. Wave iii higher ended at 34.79 and pullback in wave iv ended at 34.35. Final wave v higher ended at 34.83 which completed wave (i) in higher degree. Wave (ii) dips unfolded as a zigzag Elliott Wave structure. Down from wave (ii), wave a ended at 33.8 and wave b ended at 34.58. Wave c lower ended at 33.28 which completed wave (ii). The ETF has rallied higher again. Up from wave (ii), wave i ended at 34.63 and wave ii ended at 33.65. Wave iii higher ended at 36.53, and dips in wave iv ended at 35.51. Expect wave v to end soon which should complete wave (iii). Afterwards, it should pullback in wave (iv) to correct cycle from 6.26.2024 low before it resumes higher again. Near term, as far as pivot at 32.83 low stays intact, expect pullback to find support in 3, 7, 11 swing for more upside.
AMEX:GDX
by Elliottwave-Forecast
Elliott Wave Intraday Analysis on GDX: Further Rally ExpectedShort Term Elliott Wave View on GDX suggests that rally to 35.74 ended wave 3 on April 12, 2024. From there, the ETF pullback as a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 33.44 and wave (b) ended at 34.35. Wave (c) lower ended at 32.43 which completed wave ((w)). The ETF then rallied in wave ((x)) as as a double three structure in lesser degree. Up from wave ((w)), wave (w) ended at 33.95 and wave (x) ended at 33.11. Wave (y) higher ended at 34.31 which completed wave ((x)). The ETF then extended lower in wave ((y)) as a zigzag Elliott Wave structure. Down from wave ((x)), wave (a) ended at 32.78 and wave (b) ended at 33.60. Wave (c) lower ended at 31.90 which completed wave ((y)) of 4. The ETF has turned higher in wave 5. Up from wave 4, wave i ended at 33.3 and wave ii ended at 32.79. Wave iii higher ended at 34.95 and pullback in wave iv ended at 34.07. Expect the ETF to extend higher in wave v to complete wave (i). Afterwards, it should pullback in wave (ii) to correct cycle from 4.23.2024 low before it resumes higher. Near term, as far as pivot at 31.9 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
AMEX:GDX
by Elliottwave-Forecast
Opening (IRA): GDX February 16th 29 Monied Covered Call... for a 28.24 debit. Comments: GDX (IVR/IV 40.8/ 32.9) is at the top of my IV screener for ETF's (along with GDXJ, which has higher IV, but is less liquid). Buying stock and selling the -71 delta call against, resulting in a max profit potential of .76 ($76)/contract; 2.69% ROC at max; 1.35% at 50% max. That .76 isn't massively compelling, but the ROC is "decent" for what I'm trying to do in the IRA on a month-month basis.
AMEX:GDXLong
by NaughtyPines
Gold Miners ETF (GDX) Extending Higher in Impulsive StructureShort Term Elliott Wave view in Gold Miners ETF (GDX) suggests rally from 2.29.2024 low is in progress as a 5 waves impulse structure. Up from 2.29.2024 low, wave ((i)) ended at 30.48 and pullback in wave ((ii)) ended at 28.91. Internal subdivision of wave ((ii)) unfolded as a zigzag structure. Down from wave ((i)), wave (a) ended at 29.71 and wave (b) ended at 30.08. Wave (c) lower ended at 28.91 which completed wave ((ii)). The ETF then resumed higher in wave ((iii)) with subdivision as an impulsive structure. Up from wave ((ii)), wave (i) ended at 30.9 and dips in wave (ii) ended at 29.53. The Index extends higher in wave (iii). Up from wave (ii), wave i ended at 30.39 and pullback in wave ii ended at 29.79. Wave iii higher ended at 32.69 and wave iv pullback ended at 31.71. Expect wave v of (iii) to end soon, then it should pullback in wave (iv) before the ETF extends higher again in wave (v) to complete wave ((iii)). Near term, as far as pivot at 29.53 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
AMEX:GDX
by Elliottwave-Forecast
Opened (IRA): GDX March 15th 27 Monied Covered Call... for a 26.21 debit. Comments: 42.2 IV/32.8% 30-day IV. Before I went to take a nap, added a "rung" on weakness here to my position, buying a one lot and selling a -75 call against. I already have a February monied on (See Post Below), so went out to March for this setup. The call IV at the 27 strike: 37.32%. The put side at the same strike: 29.49% with their respective maxes being .79 for the 27 monied; .49 for the 27 short put. As previously noted, this only makes sense in a cash secured environment where you don't get much BP relief by hanging out in the options. This cost 26.21 to put on in the IRA; the 27 short put would cost 26.51. Compare on margin: 26.21 buying power effect for this setup, 3.18 BPE for the 27 short put. Put another way: you generally don't do this setup on margin because it isn't BP efficient. Metrics: Buying Power Effect/Cost Basis/Break Even: 26.21 Max Profit (The Short Call Strike Price - Cost Basis): .79 ($79) ROC %-age At Max: 3.01%/15.70% Annualized ROC %-age at 50% Max: 1.51%/7.85% Annualized
AMEX:GDXLong
by NaughtyPines
Gold Miners versus Gold : the moment has come to buy.It is time to consider being LONG Gold Miners / SHORT Gold. The chart speaks for itself. The ratio is not at absolute low however below the low of 2008 and within the low area There is a 4 years cycle 2008-12-16-20-24 alternating low and high. Final low is expected this year. After which the ratio will rise up until 2028. Should 24 be challenged (supported by rising Gold prices), then P&F chart theory suggests that the bullish trend will target 48 It can be observed that EURUSD follows the same 4 year cycle. Therefore we are bullish on the European Currency.
AMEX:GDXLong
by FRED-RABEMAN
1
Opening (IRA): GDX June 21st 24 Monied Covered Call... for a 22.83 debit. Comments: Selling the -75 call against a one lot here out in June where I have covered calls at the 29, 27, and now 24 strikes. 1.17 max on BPE of 22.83; 5.12% ROC at max; 2.56% at 50% max. Going monied CC here in lieu of an equivalently delta'd short put to take advantage of call side IV skew (39.6% on the call side; 29.18% on the put side at the 24 strike). This is probably about as much BP I want to devote to a miners position, which I view as an indirect rate cut play with the notion being that the dollar weakens somewhat, gold strengthens, and miners indirectly follow with bets being that there's a rate cut in May. It may naturally end up being later; the market hasn't exactly been "spot on" with either the timing of depth of cuts of late ... . Alternatively, GDXJ/GDX are at the top of my screener for 30-day IV, so I'm just going where the juice is at.
AMEX:GDXLong
by NaughtyPines
2
Consolidation Continues for Precious Metal Mining StocksGold miners have shown relative weakness to the metals since topping in 2020, and that looks likely to continue in the near term. However, when this consolidation completes, the mining stocks should once again shine and starts catching up, potentially in the next couple of months. For this reason, the time has come to keep this group on your watch list as a bottom below the October 2023 level of 25.65 on GDX could prove to be a durable bottom that will serve as a base to move GDX back over the ~ 36 high, and could even see prices breaking over the 45.76 high from 2020. These would likely represent ~ 46% and 86% upside moves respectively, so well worth a long trade. A bit more patience is needed until this group will be ready, but could coincide with a pullback in the market in the coming months. The downside levels of interest are ~ 24.1-24.6, and 22.8 to look for evidence of a bottom formation.
AMEX:GDX
by CycleTargets